Fosun goes with The Floow, as it leads £13m investment round in British telematics start-up
Chinese information technology services provider United Electronics Co and British insurer Direct Line Group also included in the round
Fosun Group, the Chinese investment behemoth, is looking to expand its foothold in the insurance technology market by leading a new funding round in British telematics start-up The Floow.
The Shanghai-based company, part of conglomerate Fosun International, led the £13 million (US$16 million) investment round that included Chinese information technology services provider United Electronics Co and British insurer Direct Line Group, according to a joint announcement on Monday.
Based in the former steel-producing city of Sheffield, The Floow works with insurance companies in monitoring and quantifying risky driving behaviour based on data collected from vehicles equipped with its telematics systems.
Telematics refers to the use of wireless devices and “black box” technologies installed on vehicles, as well as the global positioning system, to collect and transmit real-time data to an organisation, according to research firm Gartner.
“Today’s announcement of a £13m investment into Sheffield’s thriving tech sector by three firms, including foreign investors, demonstrates the faith they have in the future of Sheffield,” British Prime Minister Theresa May said in a statement.